I think that they actually believed that they could get away with it. I think that they were actually convinced that they could create, borrow and spend trillions upon trillions of dollars without any serious long-term consequences.
Today was all about two things - what went up (crypto) and what went down (US economic growth forecasts).
Since August 15, 1971, the US dollar has been completely severed from gold. President Richard Nixon suspended the most important component of the Bretton Woods system, which had been in effect since the end of World War II.
China is beating the U.S. when it comes to innovation in online money, posing challenges to the U.S. dollar's status as the de facto monetary reserve.
Was Richard Nixon a real gold friend who understood the futility of tying a weakening dollar to gold which is the only currency that has survived in history? So was Nixon actually the instigator of the movement to FreeGold?